Lack of capital to either start a (or fund an already existing) business is one of the major problems facing a lot of Nigerians today. While getting a loan is usually the best way to raise some money, most lenders often require collaterals of sorts and the interest rates are often too high.
Not everyone has items or properties that can be tendered as collateral. That is why the best solution is collateral free loans. With the beauty of the Internet, there are so many online loan options that could furnish an individual with the capital he or she needs without much stress.
This list summarizes and highlights the best online loan company in Nigeria that offers quick loans to small companies without need for collateral:
- Carbon
Carbon is a loan company approved by the CBN that enables applicants to get quick, low interest loans within moments. With over a million downloads and positive reviews, it is the premier ranking online loan app in Nigeria.
No hassle in the process, just a few required identifications and once approved, the money is deposited within minutes. - RenMoney
With an interest rate as low as 10% and maximum amount up to #2.5 million, it is easy to see why RenMoney is fast becoming one of the best apps for those who want to secure online loan in Nigeria. - FairMoney
With the agenda of helping people secure loans to fund their business and personal affairs, FairMoney is quickly becoming a favorite in Nigeria. New customers can obtain up to #40000 without collateral and old customers can get up to #3 million. Only thing needed is basic identification requirements and you’re good to go. - OKash
One of the best apps to get online loans in Nigeria right now has to be OKash. While it’s available only to Nigerian citizens, it’s very tailor-made for them.
OKash gives out business loans, personal loans, even educational loans with no need for a collateral or a guarantor and minimal paperwork. Also, their loans incur the least interest with an interest rate of 0.1% to 1%. All in all, OKash is a very efficient means to secure credit anywhere and anytime. - Alat
Launched by Wema Bank in 2017, Alat became the first fully-digital Nigerian bank. With no need for visiting a physical location or paperwork, loans have never been easier.
Able to give as low as #40,000 and as much as #4,000,000 on an interest rate of 2%, it’s suitable for short term, flexible, goal-oriented loans. Plus, you can always pay your bills using the app hassle free. A real winner! - Branch
Approved by the CBN in 2021, Branch offers loans to Nigerians that can be processed in 24 hours with the barest minimum of paperwork required. With interest rate as low as 2% and credit limits up to #1,000,000 (if you repay your loan, the amount you can borrow increases), there’s a lot of upside to securing a loan from the digital bank app. Yes, Branch is more than a loan company – it’s a bank; so you can perform other transactions like money transfer, bill payments and so on. - Kuda
A pan-African digital bank, Kuda offers it’s customers short term loans known as overdrafts. No hassle, no paperwork, no collateral and definitely no guarantor needed – just basic personal ID details. Also, their interest rate is as low as 0.3% on #150,000, it has one of the best short term loan plans.
From salary loans to personal loans, Kuda has you covered!
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